Wednesday, August 25, 2010

Drop in Home Sales Heighten Fears About US Economy

Confidence in a U.S. recovery has been badly shaken by industry reports showing that sales of existing homes in the U.S. plunged to a 15-year low. The 27 percent decline in home sales last month is blamed partly on the expiration of a home buyers incentive program. But economists say the bigger than expected drop reflects the fears consumers have about the health of the world's largest economy.